§ 27-34-9 Plan of operation. – (a) The fund shall submit to the commissioner a plan of operation and anyamendments to the plan necessary or suitable to assure the fair, reasonable,and equitable administration of the fund. The plan of operation and anyamendments to it shall become effective upon approval in writing by thecommissioner.
(b) If the fund fails to submit a suitable plan of operationor suitable amendments to the plan, the commissioner shall, after notice andhearing, adopt and promulgate any reasonable rules necessary or advisable toeffectuate the provisions of this chapter. The rules shall continue in forceuntil modified by the commissioner or superseded by a plan or amendments to itsubmitted by the fund and approved by the commissioner.
(c) All member insurers shall comply with the plan ofoperation.
(d) The plan of operation shall:
(1) Establish the procedures where all of the powers andduties of the fund under § 27-34-8 will be performed;
(2) Establish the procedures for handling the assets of thefund;
(3) Establish the amount and method of reimbursing members ofthe board of directors under § 27-34-7;
(4) Establish procedures by which claims may be filed withthe fund and establish acceptable forms of proof of covered claims. Notice ofclaims to the receiver or liquidator of the insolvent insurer shall be deemednotice to the fund or its agent, and a list of claims shall be periodicallysubmitted to the fund or similar organization in another state by the receiveror liquidator;
(5) Establish regular places and times for meetings of theboard of directors;
(6) Establish procedures for records to be kept of allfinancial transactions of the fund, its agents, and the board of directors;
(7) Provide that any member insurer aggrieved by any finalaction or decision of the fund may appeal to the commissioner within thirty(30) days after the action or decision;
(8) Establish the procedures by which selections for theboard of directors will be submitted to the commissioner; and
(9) Contain additional provisions necessary or proper for theexecution of the powers and duties of the fund.
(e) The plan of operation may provide that any or all powersand duties of the fund, except those under §§ 27-34-8(a)(3) and27-34-8(b)(2), may be delegated to a corporation, association, or otherorganization which performs or will perform functions similar to those of thefund, or its equivalent, in two or more states. That corporation, association,or organization shall be reimbursed as a servicing facility would be reimbursedand shall be paid for its performance of any other functions of the fund. Adelegation under this subsection shall take effect only with the approval ofboth the board of directors and the commissioner, and may be made only to acorporation, association, or organization which extends protection notsubstantially less favorable and effective than that provided by this chapter.
§ 27-34-9 Plan of operation. – (a) The fund shall submit to the commissioner a plan of operation and anyamendments to the plan necessary or suitable to assure the fair, reasonable,and equitable administration of the fund. The plan of operation and anyamendments to it shall become effective upon approval in writing by thecommissioner.
(b) If the fund fails to submit a suitable plan of operationor suitable amendments to the plan, the commissioner shall, after notice andhearing, adopt and promulgate any reasonable rules necessary or advisable toeffectuate the provisions of this chapter. The rules shall continue in forceuntil modified by the commissioner or superseded by a plan or amendments to itsubmitted by the fund and approved by the commissioner.
(c) All member insurers shall comply with the plan ofoperation.
(d) The plan of operation shall:
(1) Establish the procedures where all of the powers andduties of the fund under § 27-34-8 will be performed;
(2) Establish the procedures for handling the assets of thefund;
(3) Establish the amount and method of reimbursing members ofthe board of directors under § 27-34-7;
(4) Establish procedures by which claims may be filed withthe fund and establish acceptable forms of proof of covered claims. Notice ofclaims to the receiver or liquidator of the insolvent insurer shall be deemednotice to the fund or its agent, and a list of claims shall be periodicallysubmitted to the fund or similar organization in another state by the receiveror liquidator;
(5) Establish regular places and times for meetings of theboard of directors;
(6) Establish procedures for records to be kept of allfinancial transactions of the fund, its agents, and the board of directors;
(7) Provide that any member insurer aggrieved by any finalaction or decision of the fund may appeal to the commissioner within thirty(30) days after the action or decision;
(8) Establish the procedures by which selections for theboard of directors will be submitted to the commissioner; and
(9) Contain additional provisions necessary or proper for theexecution of the powers and duties of the fund.
(e) The plan of operation may provide that any or all powersand duties of the fund, except those under §§ 27-34-8(a)(3) and27-34-8(b)(2), may be delegated to a corporation, association, or otherorganization which performs or will perform functions similar to those of thefund, or its equivalent, in two or more states. That corporation, association,or organization shall be reimbursed as a servicing facility would be reimbursedand shall be paid for its performance of any other functions of the fund. Adelegation under this subsection shall take effect only with the approval ofboth the board of directors and the commissioner, and may be made only to acorporation, association, or organization which extends protection notsubstantially less favorable and effective than that provided by this chapter.
§ 27-34-9 Plan of operation. – (a) The fund shall submit to the commissioner a plan of operation and anyamendments to the plan necessary or suitable to assure the fair, reasonable,and equitable administration of the fund. The plan of operation and anyamendments to it shall become effective upon approval in writing by thecommissioner.
(b) If the fund fails to submit a suitable plan of operationor suitable amendments to the plan, the commissioner shall, after notice andhearing, adopt and promulgate any reasonable rules necessary or advisable toeffectuate the provisions of this chapter. The rules shall continue in forceuntil modified by the commissioner or superseded by a plan or amendments to itsubmitted by the fund and approved by the commissioner.
(c) All member insurers shall comply with the plan ofoperation.
(d) The plan of operation shall:
(1) Establish the procedures where all of the powers andduties of the fund under § 27-34-8 will be performed;
(2) Establish the procedures for handling the assets of thefund;
(3) Establish the amount and method of reimbursing members ofthe board of directors under § 27-34-7;
(4) Establish procedures by which claims may be filed withthe fund and establish acceptable forms of proof of covered claims. Notice ofclaims to the receiver or liquidator of the insolvent insurer shall be deemednotice to the fund or its agent, and a list of claims shall be periodicallysubmitted to the fund or similar organization in another state by the receiveror liquidator;
(5) Establish regular places and times for meetings of theboard of directors;
(6) Establish procedures for records to be kept of allfinancial transactions of the fund, its agents, and the board of directors;
(7) Provide that any member insurer aggrieved by any finalaction or decision of the fund may appeal to the commissioner within thirty(30) days after the action or decision;
(8) Establish the procedures by which selections for theboard of directors will be submitted to the commissioner; and
(9) Contain additional provisions necessary or proper for theexecution of the powers and duties of the fund.
(e) The plan of operation may provide that any or all powersand duties of the fund, except those under §§ 27-34-8(a)(3) and27-34-8(b)(2), may be delegated to a corporation, association, or otherorganization which performs or will perform functions similar to those of thefund, or its equivalent, in two or more states. That corporation, association,or organization shall be reimbursed as a servicing facility would be reimbursedand shall be paid for its performance of any other functions of the fund. Adelegation under this subsection shall take effect only with the approval ofboth the board of directors and the commissioner, and may be made only to acorporation, association, or organization which extends protection notsubstantially less favorable and effective than that provided by this chapter.
